1.3 Industry Associations and Supporting Organisations

1.3 Industry Associations and Supporting Organisations

Quick Summary: Trade associations such as the General Insurance Association of Singapore (GIA), the Singapore Insurance Brokers' Association (SIBA), the Singapore Reinsurers' Association (SRA) and the Life Insurance Association, Singapore (LIA) set industry standards and work with MAS. The Singapore College of Insurance (SCI) runs the regulatory examinations. Independent specialists such as loss adjusters, surveyors, actuaries and rating agencies provide technical expertise.

Why These Bodies Appear in the Exam

Much of Singapore's general insurance practice is set by industry self-regulation that sits alongside MAS rules: the GI Code of Practice, the Premium Payment Framework, the Motor Claims Framework and agent registration under GIARR. Knowing which body is responsible for what helps you answer questions about consumer protection and conduct.

General Insurance Association of Singapore (GIA)

GIA is the trade association of general insurers in Singapore. Its main roles are:

1. Industry representation: working with MAS and other ministries on regulation affecting general insurance.
2. Standards and codes: publishing The Singapore General Insurance Code of Practice, which all member insurers observe. Its service standards for personal-lines customers are covered in Section 11.2.
3. Agent regulation: running the Agents' Registration Board (ARB), which registers and disciplines general insurance agents under the General Insurance Agents' Registration Regulations (GIARR) and sets their CPD requirements.
4. Market frameworks: the Premium Payment Framework, issued jointly with SIBA, and the Motor Claims Framework.
5. Fraud deterrence: the GIA Insurance Fraud Tip-off Scheme (GIFT) lets the public report suspected insurance fraud with supporting evidence.

GIA is not a regulator of insurers' conduct and does not resolve disputes between insurers and their customers. It directs consumers with unresolved disputes to FIDReC within 6 months of the insurer's final reply.

The GIA Motor Claims Framework (MCF)

The Motor Claims Framework sets out common procedures for reporting motor accidents. After any accident, a motorist should:

1. exchange particulars with the other party (name, NRIC, telephone number, address, vehicle number and insurer) and note the vehicle numbers;
2. take photographs of the scene and of the damage to all vehicles;
3. call the insurer's hotline for towing or advice; and
4. report the accident to the insurer within 24 hours or by the next working day, taking the vehicle, damaged or not, to the insurer's approved reporting centre or authorised workshop.

Key MCF rules:

• Every accident must be reported, however minor and whether or not there is damage. A private settlement between motorists does not remove the duty to report.
• If an accident happens on a Saturday night, Monday is the next working day.
• A Traffic Police report or an online accident notification through GIA's GEARS system does not count as reporting to the insurer.
• GIA warns that if you do not report, your insurer may repudiate liability, your No-Claim Discount may be docked at renewal, and the insurer may cancel or refuse to renew the policy. Insurers give special consideration where a motorist has a valid reason for reporting late, such as serious injury.

Other Associations and Bodies

SCI and the Certification Pathway

SCI administers the examinations MAS requires for general insurance intermediaries. BCP is the common module. BCP + PGI forms the Personal General Insurance Certification and BCP + ComGI forms the Commercial General Insurance Certification. Passing all three allows use of the Cert SCI (General Insurance) designation. The Health Insurance (HI) examination is a separate regulatory module for those who advise on health insurance. SCI issues result slips rather than certificates for these examinations.

Specialist Service Providers

Loss Adjusters

For large or complex claims, insurers appoint independent loss adjusters. The adjuster:

• inspects the loss promptly and investigates the circumstances and the proximate cause;
• checks that the loss falls within the policy and that warranties and conditions have been met;
• checks for under-insurance and applies average and the excess; and
• quantifies the loss and reports to the insurer, often recommending a settlement.

GIA's Code of Practice requires insurers to tell personal-lines customers when an adjuster has been appointed and to give the name of the firm.

Loss Assessors

A loss assessor is hired by the policyholder to prepare and negotiate the claim on the policyholder's behalf. The exam often tests this distinction: the insurer appoints the adjuster, and the insured appoints the assessor.

Surveyors, Actuaries and Rating Agencies

• Risk surveyors inspect premises before cover starts or at renewal, assess physical hazards and recommend risk improvements. They help underwriters estimate the probable maximum loss.
• Actuaries value insurance liabilities and capital needs. General insurers use a certifying actuary to value premium and claims liabilities, and life insurers have an appointed actuary.
• Credit rating agencies such as AM Best, S&P Global Ratings, Moody's and Fitch publish financial strength ratings. Brokers and corporate buyers use them to judge whether an insurer or reinsurer will be able to pay claims.